Baltic Freight Index Surge With High Vessel Rates

The Baltic exchange’s main sea freight index rose on Monday, buoyed by an uptick in rates for all vessel segments, reports Yahoo Finance.

The rates

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose by 57 points, or nearly 1.8%, to 3,240.

* The capesize index increased 103 points, or roughly 2.1%, to 5,109.

* ​Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased by $856 to $42,370.

* China’s ferrous prices took off on Monday, with benchmark iron ore and steel futures hitting all-time highs amid robust demand and supply concerns.

* The panamax index gained 59 points, or 2%, to 3,014.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $529 to $27,126.

* The supramax index increased 20 points to 2,216. (Reporting by Seher Dareen in Bengaluru; Editing by Amy Caren Daniel)

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Source: Yahoo


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